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Randstad-Sourceright-the-integrated-talent-playbook-180518-Ch1

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competition heats up. An integrated talent model may be the answer to a chronic challenge many employers face: growing competition for talent. With scarcity on the rise, many businesses are going after the same pool of candidates. Today's labor market is a workers' market, and employers must actively position their employer brand to attract needed talent. Companies not only face competition from direct competitors, but increasingly companies are crossing industry boundaries to find specific skill sets. Retention is more important than ever due to increased talent mobility. Adding to the challenge, competition from customers can also be problematic. Despite the use of poaching agreements in various industries, B2B companies are always at risk of losing workers to customers. Internal mobility may also cause different business units to compete for the same talent. As talent scarcity worsens, expect competition from all these sources to increase. growth drives talent needs. With more businesses expanding globally and into new sectors, talent leaders face both an opportunity and a challenge that requires a transformation in talent management. Not only will you need to find talent to fuel existing businesses, but now the imperative is on finding people with the skills to drive the new ventures your organization will undertake. Another important priority for many talent leaders today is workforce transparency. Large organizations employ thousands of contingent workers who are not always visible to HR or the business units that employ them. What the organization spends on them, how their deliverables are tracked and even where they are physically located are sometimes obscured from central decision-makers. An integrated approach can bring about greater visibility. Workforce visibility also provides a way to ensure greater compliance. Are hiring managers adhering to local and national regulations? Are pay rates in line with benchmarked standards? Are diverse hiring practices observed? The same processes used to ensure compliant practices for permanent hires can be adapted and applied to other types of talent. An integrated talent approach also provides greater cost efficiencies because activities such as sourcing, screening, assessment and onboarding can be standardized. Separate resources dedicated to permanent and contingent hiring can also be merged to create enhanced economies of scale. Each of these forces will have a significant impact on your business now and in the near future. If you don't begin to adapt your organization, you risk falling behind to competitors that embrace a more holistic talent model. talent scarcity. Around the world, the scarcity of quality talent is growing. According to Eurostat, the job vacancy rate was 2% in the fourth quarter of 2017, up from 1.7% in the same quarter of 2016. Since the end of 2009, the European vacancy rate has steadily risen. In North America, the picture is the same. The DHI- DFH Mean Vacancy Duration Measure — a key index in the U.S. — stood at 28.1 working days in January 2018. The growth in talent scarcity is also reflected in the U.S. unemployment rate, which fell to 4.1% in December 2017 following a steady decline over the past eight years. In Asia, current employment rates are mixed, but many of the largest economies have been improving. For example, China reported 3.9% unemployment in December 2017, Japan was at 2.5% in February 2018 and South Korea held steady at 3.6% in February 2018. Aside from the decline in unemployment rates, another reason for talent scarcity is the major demographic shift underway in many developed nations. With large portions of the population at or near retirement age, regions such as the U.S., Japan and Germany may be facing a crisis in workforce participation. 8 the value of total talent for HR: • improve alignment with broader business objectives • deliver a simplified experience for hiring managers • enhance employer brand for all types of talent • tap into contingent talent for long-term hiring strategies the value of total talent for procurement: • elevate the importance of high-quality contingent talent for the business • improve pricing visibility across the total workforce • better manage peaks and dips in demand • be a business partner for the organization; stronger relationships with hiring managers source: SIA, 2017. "Total Talent Acquisition Market Developments."

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